IPO-bound Groww to acquire Fisdom in $150 million all-cash deal
IPO-bound Groww to acquire Fisdom in $150 million all-cash deal
BENGALURU:
Investment platform
Groww has signed a definitive agreement to acquire wealth-tech startup Fisdom in a deal valued at approximately $150 million, people familiar with the matter told TOI.
'The deal is entirely cash-based and is expected to close after regulatory approvals,' one of the people said.
The transaction marks Groww's formal entry into the
wealth management
and offline advisory space. It follows the company's acquisition of Indiabulls Asset Management Company in May 2023 as part of its efforts to expand into asset management.
Founded in 2015 by Anand Dalmia and Subramanya SV, Fisdom offers investment and advisory products including mutual funds, stocks, bonds, Portfolio Management Services, and tax-filing solutions.
The company has partnered with over 15 national and regional banks, such as Punjab National Bank and Indian Bank, and operates more than 15 offices across India.
In the financial year ended March 2024, Fisdom reported revenue of Rs 84 crore, up 28 per cent year-on-year, while net losses narrowed 19 per cent to Rs 57.4 crore. It posted Ebitda profitability in the March quarter.
As per Tracxn, Fisdom has raised $48.4 million in total equity funding since its inception.
Its backers include PayU, Saama Capital and Quona Capital.
The deal gives Groww access to Fisdom's distribution network and a broader advisory stack, complementing its digital-first model. Groww began in 2016 as a mutual fund investment platform and expanded into stocks, IPOs, and exchange-traded funds in 2020. In September 2023, it became India's largest stock broker by active clients, according to the National Stock Exchange data, and retained a market share of over 26 per cent as of April 2025.
Groww turned profitable in FY23 with revenue of Rs 1,277 crore and a net profit of Rs 449 crore. In FY24, revenue rose to Rs 3,145 crore with an operating profit of Rs 535 crore.
The acquisition comes as Groww gears up for a public listing, though timelines remain fluid. 'The company has been preparing internally for an IPO, and this move strengthens its financial services portfolio ahead of that milestone,' said another person aware of the plans. Groww declined to comment on the development. Fisdom did not immediately respond to TOI's requests for comment.
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